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Starting your Business
As starting a business especially for the first time may feel a little overwhelming, as there is a lot of time, energy and money necessary to create and launch a successful business. At the same time, through the many challenges you may face as a business start-up, it is essential to start with the right attitude, and determination, to make your business a success from the start.
When starting a business there is a list of common guidelines to follow. Below is a list of 10 things to consider when starting to outline your business action plan.
• Step 1:
Research and Plan Your Business
Understand the business you are getting into. Identify your strengths, weaknesses, opportunities and threats
• Step 2:
Get Business Assistance and Training
Take advantage of any free online training and/or counseling services. Learn about preparing a proper business plan to getting the right type of financing.
• Step 3:
Choose a Business Location
You may have heard it before, “Location, Location, Location!” Get advice about choosing a customer-friendly location and complying with any zoning laws. Or maybe you are a work from home location.
• Step 4:
Finance Your Business
Research government backed loans, venture capital and research grants to help you get started.
• Step 5:
Determine the Legal Structure of Your Business
Decide whether you are going to form a sole proprietorship, partnership, LLC, corporation, non-profit or cooperative.
• Step 6:
Register a Business Name ("Doing Business As")
Register your business name with your state government.
• Step 7:
Get a Tax Identification Number
Learn which tax identification number you'll need to obtain from the IRS and your state revenue agency.
• Step 8:
Register for State and Local Taxes
Register with your state to obtain a tax identification number, workers' compensation, unemployment and disability insurance.
• Step 9:
Obtain Business Licenses and Permits
Get a list of federal, state and local licenses and permits required for your business.
• Step 10:
Employer Responsibilities
Learn the legal steps you need to take to hire employees.
The key when starting a business is to choose a business model that fits your personal life plan. This will ensure that you spend the right number of hours each week, take the right level of risk (some models involve more risk than others), are practical in terms of your financial situation, and gain the kind of satisfaction and success you're after!
First off, you have to make a key choice: How much time do you want to devote to your business?
When you go for a full-time business model, you leave behind whatever you were doing previously to commit yourself completely to your startup. When you make this leap, expect to spend more hours working than you ever did working for someone else.
Alternatively, you can start up a business part-time. With this model, you adapt your business to time-consuming obligations you already have, such as your day job, parenting responsibilities or any other activities that would keep you from making your startup your primary focus and responsibility.
Once you’ve determined whether you see yourself as a part-time or full-time entrepreneur, consider our list of business model options.
1. Home-based
2. Brick-and-mortar
3. e-Commerce
4. eBay
5. Franchising
6. Licensing your product
7. Multi-level marketing
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